Stock - Multiply Group
Multiply has built up a well diversified portfolio, including strategic stakes in UAE utility giants DEWA and Taqa. Image Credit: LinkedIn/@Multiply Group

Dubai: Abu Dhabi’s Multiply Group – a key investor in DEWA and Taqa – has pulled out a Dh18.56 billion net profit for 2022, driven all the way by growth in the investment portfolio. In comparison, the revenues came to Dh1.1 billion for the year.

“Despite several global headwinds, most subsidiaries showed growth in operating profits, highlighting the strength of these businesses and the resilience of their industries,” Multiply said in a statement.

“We have a strong balance-sheet, Dh41 billion of assets in 2022, and significant capacity to deploy capital at a time when valuations are softening and our focus industries are gaining more traction amid the current macroeconomic and geopolitical backdrop,” said Samia Bouazza, Group CEO and Managing Director.

Investments sure paid off

Multiply’s investment and other income for the year were at Dh18.39 billion, while revenue from operations were at Dh1.12 billion.

The Group deployed more than Dh12 billion in 2022, making investments in ‘dynamic and healthy’ businesses across ‘high-growth thematic industries’ such as energy. This led to exposures in Taqa, DEWA, and International Energy Holding (IEH).

“These businesses offer predictable, recurring income that will deliver a sustained increase in shareholder value,” Multiply said.

2023 projections

“Multiply Group is well-positioned for 2023 and beyond to build on the strong performance of 2022 for a number of reasons," said Andre Sayegh, Chairman. "Firstly, the UAE economy is on a strong growth momentum and secondly, corporate profitability will remain solid due to increasing economic activity that is supported by positive government regulations and projects."

Liquidity in hand

The company maintains Dh34.97 billion in liquid assets and Dh1.03 billion in cash and bank balances, 'moderate debt' and a 'global network of deal origination partners'. "Multiply Group will continue to capitalise on market trends and remains in a strong position to carry on with its strategy of investing in transformative, cash-generating businesses that are exploring new revenue models in transitioning industries," the statement added.

Inclusion in Indices
The Multiply Group has been included in a number of indices, including the MSCI Emerging Markets Index in November, enhancing its 'position on the global benchmark investing map and expected to attract substantial investment inflows'.
The Group was also ranked 10th globally and second regionally in the 2,803-member Bloomberg World Index.